Cinedigm Corp. (CIDM) saw its loss narrow to $0.47 million, or $0.08 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $22.33 million, or $3.55 a share.
Revenue during the quarter dropped 13.80 percent to $23.88 million from $27.70 million in the previous year period. Operating margin for the quarter period stood at positive 18.81 percent as compared to a negative 64.75 percent for the previous year period.
Operating income for the quarter was $4.49 million, compared with an operating loss of $17.94 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $14.50 million compared with $11.45 million in the prior year period. At the same time, adjusted EBITDA margin improved 1938 basis points in the quarter to 60.70 percent from 41.33 percent in the last year period.
"SVOD is now projected to be a more than $30 billion business, larger than Theatrical or DVD at their peak levels. We have quickly positioned Cinedigm to be a leader in that business, through both our rapidly growing narrowcast OTT channels and as a major independent content provider to new and expanding third party SVOD platforms and services" said Chris McGurk, chairman and chief executive officer.
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